News Corp. putting IGN up for auction

IGN Entertainment will soon be going up for auction, as parent company and media group News Corp. makes preparations to offload the video game and entertainment network, following failed attempts to sell off IGN in 2011.

News Corp. reportedly tried selling IGN last year to its affiliate websites, but negotiations didn't quite pan out. The company is now partnering with investment bank Allen & Co. to auction IGN off.

Unnamed sources have claimed that the network could bring in around $100 million for IGN's current owners. Yes, that sounds like a lot until you realize News Corp. purchased it back in 2005 for a whopping $650 million. They faced a similar situation with MySpace as well, which News Corp. sold for $35 million in 2011 after paying $580 million in 2005.

Over the last year, News Corp. has been aggressively trying to expand the IGN name, even purchasing UGO.com and 1UP.com parent company UGO Entertainment. The IGN network already includes IGN.com, AskMen.com, GameSpy.com, and others.

Sources also say that a number of companies have already expressed interest in buying IGN.